KUALA LUMPUR: Shares in MTD ACPI Engineering Bhd surged 20% in early trade Thursday after the group proposed to acquire Putrajaya Perdana Bhd’s assets spurring speculation of possible reverse takeover.
The construction firm jumped 20.6%, or 3.5 sen to 20.5 sen with over 1.5 million shares traded.
MTD ACPI has signed a Heads of Agreement (HoA) with Putrajaya Perdana and its wholly-owned subsidiary, Putra Perdana Development Sdn Bhd, for the acquisitions of Orangebeam Construction Sdn Bhd and Orangebeam Development Sdn Bhd.
The company said the purchase consideration has also yet to be determined.
The HoA would be terminated if MTD ACPI and Putrajaya Perdana do not execute the shares sale and purchase agreements within the agreed specified period.
MTD ACPI’s largest shareholders are MTD Equity Sdn Bhd with a 38.1% stake and Alloy Capital Sdn Bhd with 17.01%.
Putrajaya Perdana is 70% controlled by Datuk Rosman Abdullah via Cendana Destini Sdn Bhd, with the remainder 30% owned by Lembaga Tabung Haji.